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Mithril Drills 20.5 g/t Gold, 1,833 g/t Silver Over 4.95m

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(TheNewswire)

Pinnacle Silver and Gold Corp.

March 3, 2025 TheNewswire – Drilling at La Soledad, has intercepted multiple high-grade veins as the Target 1 resource update drilling progresses at the Copalquin silver and gold district property in Durango State, Mexico.

HIGHLIGHTS

  • 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including

    • 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,

  • 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m

  • 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including

    • 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m

  • 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, (MTH-ES25-10), including

    • 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m

  • 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m including

    • 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m

    • 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m

  • 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09),

  • 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m

  • 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m (MTH-ES25-08),

  • 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m, including

    • 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m

  • 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m

  • In February, a further six drill holes have been completed at La Soledad, with drilling ongoing expanding the footprint and structural knowledge in this silver and gold rich NW trending structure.  Considerable strike and depth potential exists in this area.

  • Addition of a second drill is on schedule with the municipal access road upgrade for completion late March, allowing 35,000m of core drilling in the district throughout 2025 and advancing the next two target areas while developing the large district scale geologic model

Mithril Silver and Gold Limited (‘Mithril’ or ‘the Company’) (MTH:ASX, MSG:TSXV) announces drill results for the Target 1 resource expansion programme at its Copalquin District project, Mexico.

John Skeet, Mithril’s Managing Director and CEO commented:

‘Drilling at La Soledad in the Target 1 area has continued to produce exceptional results for this silver and gold rich multi-level historic mine area.  The La Soledad structure is open at depth and to the north-west with the opportunity to locate additional ‘ore shoots’ along strike.  The drill program is expanded in the La Soledad area with several additional holes to complete before moving the drill to Refugio West in the Target 1 resource area.  Drilling in the Target 1 area will continue until the end of March 2025, the anticipated cut-off date for the resource update drilling.  The second drill is scheduled to be on site and commence drilling early April, at the Target 2 area.  Progress is on track to complete 35,000 metres of drilling this year, aiming to considerably expand the resource footprint and define the 10 km wide, extensive epithermal silver-gold system in our 70km 2 district.’

COPALQUIN GOLD-SILVER DISTRICT, MEXICO

With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km 2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC resource at El Refugio (529koz AuEq @6.81 g/t AuEq) 1 supported by a conceptional underground mining study completed on the maiden resource in early 2022 ( see ASX announcement 01 March 2022 and metallurgical test work (see ASX Announcement 25 February 2022 ). There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the widespread gold-silver mineralisation.

With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is d eveloping into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico.

Drilling is in progress at the Target 1 drill area where the current maiden resource drilling is scheduled to be completed by end of Q1 2025. Channel sampling work, using a diamond rock saw, has continued adjacent to the Target 1 area and immediately to the south towards the Copalquin creek. Drilling is planned to commence with the second drill rig at the Target 2 area by April 2025.


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Figure 1 LiDAR identified historic workings across the 70km 2 district.  Target 1 area current drilling location, channel sampling area and the high priority drill target areas of Las Brujas-El Peru (Target 2) and La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work.

Drill Results Discussion

Drilling at La Soledad , the north-westerly tending structure on the north-eastern side of the Target 1 resource area, has returned excellent intercepts ahead of the planned resource update.  Results for drill holes MTH-ES25-08 to MTH-ES25-11 are summarised below.  Drilling is continuing at La Soledad where a further seven holes have been completed and four of these dispatched to the assay laboratory.

  • 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including

    • 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,

  • 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m

  • 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including

    • 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m

  • 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m (MTH-ES25-10), including

    • 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m

    • 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m

  • 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, including

    • 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m

  • 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09), plus

  • 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m

  • 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m (MTH-ES25-08), including

    • 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m

  • 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m

  • 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m


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At El Cometa on the eastern side of the Target 1, the last two holes completed at resource area returned multiple shallow intercepts.  The near surface ( 2 compared with 1.00 g/t AuEq 2 for >100m down hole intercept reporting) reflecting its potential for lower cost mining methods.

El Cometa features a broad mineralised structure with cross cutting structures hosting very high-grade gold and silver, such as reported from drill hole CDH-159 in 2024 ( 33.00m @31.8 g/t gold, 274 g/t silver from surface).

Intercepts for MTH-EC25-06 and MTH-EC25-07 are summarised below and have continued to build on the excellent results from this shallow mineralisation.

  • 1.00m @ 1.56 g/t gold, 58.3 g/t silver from 31.0m (MTH-ES25-07)

  • 1.00m @ 0.72 g/t gold, 29.0 g/t silver from 33.5m

  • 6.00m @ 1.33 g/t gold, 178.6 g/t silver from 95.0m, including

    • 1.70m @ 4.07 g/t gold, 588 g/t silver from 98.15m

  • 7.00m @ 1.56 g/t gold, 70.5 g/t silver from 126m, including

    • 1.00m @ 8.70 g/t gold, 272 g/t silver from 127m

  • 2.90m @ 0.83 g/t gold, 88.0 g/t silver from 22.6m (MTH-ES25-06)


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ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km 2 containing several dozen historic gold and silver mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits.

Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver.

Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below (see ASX release 17 November 2021 ) ^ and NI43-101 Technical Report filed on SEDAR+

  • 2,416,000 tonnes 4.80 g/t gold, 141 g/t silver for 373,000 oz gold plus 10,953,000 oz silver (Total 529,000 oz AuEq*) using a cut-off grade of 2.0 g/t AuEq*

  • 28.6% of the resource tonnage is classified as indicated

Tonnes

(kt)

Tonnes

(kt)

Gold

(g/t)

Silver

(g/t)

Gold Eq.* (g/t)

Gold

(koz)

Silver

(koz)

Gold Eq.* (koz)

El Refugio

Indicated

691

5.43

114.2

7.06

121

2,538

157

Inferred

1,447

4.63

137.1

6.59

215

6,377

307

La Soledad

Indicated

–

–

–

–

–

–

–

Inferred

278

4.12

228.2

7.38

37

2,037

66

Total

Indicated

691

5.43

114.2

7.06

121

2,538

157

Inferred

1,725

4.55

151.7

6.72

252

8,414

372

TOTAL

2,416

4.80

141

6.81

373

10,953

529

Table 1 – Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*

*  The gold equivalent (AuEq.) values are determined from gold and silver values and assume the following:  AuEq. = gold equivalent calculated using and gold:silver price ratio of 70:1.  That is, 70 g/t silver = 1 g/t gold.  The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com.  Metallurgical recoveries are assumed to be approximately equal for both gold and silver at this early stage. Actual metallurgical recoveries from test work to date are 96% and 91% for gold and silver, respectively.  In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold. Actual metal prices have not been used in resource estimate, only the price ratio for the AuEq reporting. Formula for AuEq. = Au grade +((Ag grade/gold:silver price ratio) x (Ag recovery/Au recovery))

^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 – MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq * ), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Mining study and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing.

Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-million-ounce gold and silver potential.

Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2026 (option has been extended by 3 years). Mithril has reached an agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).


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Figure 2 – Copalquin District location map, locations of mining and exploration activity and local infrastructure

-ENDS-

Released with the authority of the Board.

For further information contact:

John Skeet

Managing Director and CEO

jskeet@mithrilsilvergold.com

+61 435 766 809

+1 672 962 7112

Mark Flynn

Investor Relations

mflynn@mithrilresources.com.au

+61 416 068 733

Competent Persons Statement – JORC

The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr Ricardo Rodriguez who is Mithril’s Project Manager. Mr Rodriguez is a Member of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Rodriguez has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Rodriguez consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australasian Institute of Mining and Metallurgy. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Qualified Persons – NI 43-101

Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.

Table 2 Mineralised intercepts in reported drillholes above 0.1 g/t AuEq.

(*See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. Calculation)

Hole ID

From (m)

To (m)

Length (m)

Sample ID

Gold (g/t)

Silver (g/t)

AuEq*

AgEq*

MTH-EC25-06

3

4

1

799610

0.043

3.9

0.1

6.91

MTH-EC25-06

11

12

1

799619

0.065

3.7

0.12

8.25

MTH-EC25-06

14

15

1

799622

0.069

6.6

0.16

11.43

MTH-EC25-06

16

17

1

799624

0.117

4.6

0.18

12.79

MTH-EC25-06

17

18

1

799626

0.072

2.7

0.11

7.74

MTH-EC25-06

18

19

1

799627

0.048

6.7

0.14

10.06

MTH-EC25-06

19

20

1

799628

0.065

2.3

0.1

6.85

MTH-EC25-06

20

21

1

799629

0.05

4.5

0.11

8

MTH-EC25-06

22

22.6

0.6

799631

0.037

4.9

0.11

7.49

MTH-EC25-06

22.6

23.25

0.65

799632

0.596

30.1

1.03

71.82

MTH-EC25-06

23.25

24

0.75

799633

0.46

36.2

0.98

68.4

MTH-EC25-06

24

25

1

799634

1.365

174

3.85

269.55

MTH-EC25-06

25

25.5

0.5

799635

0.599

68.8

1.58

110.73

MTH-EC25-06

25.5

26

0.5

799636

0.154

10.3

0.3

21.08

MTH-EC25-06

26

26.85

0.85

799637

0.274

14.9

0.49

34.08

MTH-EC25-06

26.85

27.85

1

799638

0.065

5.1

0.14

9.65

MTH-EC25-06

27.85

28.85

1

799639

0.078

11.5

0.24

16.96

MTH-EC25-06

28.85

29.85

1

799641

0.34

27.1

0.73

50.9

MTH-EC25-06

29.85

30.85

1

799642

0.263

12.3

0.44

30.71

MTH-EC25-06

30.85

31.45

0.6

799643

0.068

11.2

0.23

15.96

MTH-EC25-06

31.45

32.1

0.65

799644

0.136

6.3

0.23

15.82

MTH-EC25-06

32.1

32.6

0.5

799645

0.127

6.4

0.22

15.29

MTH-EC25-06

32.6

33.17

0.57

799646

0.094

8.5

0.22

15.08

MTH-EC25-06

33.17

33.81

0.64

799647

0.095

5.8

0.18

12.45

MTH-EC25-06

33.81

34.4

0.59

799648

0.175

16.4

0.41

28.65

MTH-EC25-06

34.4

35

0.6

799649

0.094

6

0.18

12.58

MTH-EC25-07

15

15.55

0.55

799704

0.158

6.2

0.25

17.26

MTH-EC25-07

15.55

16.05

0.5

799705

0.347

4.3

0.41

28.59

MTH-EC25-07

21

21.5

0.5

799711

0.037

7.7

0.15

10.29

MTH-EC25-07

21.5

22

0.5

799712

0.055

25.5

0.42

29.35

MTH-EC25-07

31

32

1

799723

1.56

58.3

2.39

167.5

MTH-EC25-07

33.5

34

0.5

799727

0.332

13.9

0.53

37.14

MTH-EC25-07

34

34.5

0.5

799728

1.11

44.2

1.74

121.9

MTH-EC25-07

36

37

1

799731

0.057

4.8

0.13

8.79

MTH-EC25-07

37

38

1

799732

0.086

3.5

0.14

9.52

MTH-EC25-07

39

39.85

0.85

799734

0.116

4.8

0.18

12.92

MTH-EC25-07

39.85

40.85

1

799735

0.089

4.2

0.15

10.43

MTH-EC25-07

40.85

41.85

1

799736

0.096

5

0.17

11.72

MTH-EC25-07

41.85

42.85

1

799737

0.048

4.3

0.11

7.66

MTH-EC25-07

42.85

43.55

0.7

799738

0.246

11.4

0.41

28.62

MTH-EC25-07

69

69.8

0.8

799745

0.096

4.5

0.16

11.22

MTH-EC25-07

79.2

80

0.8

799746

0.408

15.9

0.64

44.46

MTH-EC25-07

82

82.8

0.8

799749

0.079

6

0.16

11.53

MTH-EC25-07

85.85

86.35

0.5

799751

0.548

1.8

0.57

40.16

MTH-EC25-07

86.35

87

0.65

799752

0.391

13.7

0.59

41.07

MTH-EC25-07

87

87.55

0.55

799753

0.056

4.8

0.12

8.72

MTH-EC25-07

88.6

89.4

0.8

799755

0.444

6

0.53

37.08

MTH-EC25-07

89.4

89.95

0.55

799756

0.1

6.5

0.19

13.5

MTH-EC25-07

89.95

90.7

0.75

799757

0.117

6.7

0.21

14.89

MTH-EC25-07

90.7

91.5

0.8

799758

0.088

5.9

0.17

12.06

MTH-EC25-07

91.5

92

0.5

799759

0.069

2.2

0.10

7.03

MTH-EC25-07

94.5

95

0.5

799763

0.088

2.2

0.12

8.36

MTH-EC25-07

95

95.7

0.7

799764

0.177

6.2

0.27

18.59

MTH-EC25-07

95.7

96.35

0.65

799765

0.888

29.9

1.32

92.06

MTH-EC25-07

97

98.15

1.15

799767

0.131

14.1

0.33

23.27

MTH-EC25-07

98.15

99

0.85

799768

5.54

767

16.50

1154.8

MTH-EC25-07

99

99.85

0.85

799769

2.6

409

8.44

591.00

MTH-EC25-07

99.85

100.35

0.5

799770

0.096

31.4

0.54

38.12

MTH-EC25-07

100.35

101

0.65

799771

0.206

20.9

0.50

35.32

MTH-EC25-07

101

101.8

0.8

799772

0.076

6.8

0.17

12.12

MTH-EC25-07

102.4

103

0.6

799774

0.082

7.3

0.19

13.04

MTH-EC25-07

103

104

1

799776

0.112

12.7

0.29

20.54

MTH-EC25-07

104

104.5

0.5

799777

0.033

6

0.12

8.31

MTH-EC25-07

104.5

105.2

0.7

799778

0.049

10

0.19

13.43

MTH-EC25-07

107

108

1

799781

0.141

7.6

0.25

17.47

MTH-EC25-07

108

109

1

799782

0.086

5.7

0.17

11.72

MTH-EC25-07

109

110

1

799783

0.051

4.8

0.12

8.37

MTH-EC25-07

112.65

113.65

1

799787

0.233

19.5

0.51

35.81

MTH-EC25-07

116.65

117.65

1

799791

0.109

12

0.28

19.63

MTH-EC25-07

125.4

126

0.6

799792

0.133

8.5

0.25

17.81

MTH-EC25-07

126

127

1

799793

0.232

33.3

0.71

49.54

MTH-EC25-07

127

128

1

799794

8.7

272

12.59

881

MTH-EC25-07

128

129

1

799795

0.181

30.6

0.62

43.27

MTH-EC25-07

129

130

1

799796

0.953

91.4

2.26

158.11

MTH-EC25-07

130

131

1

799797

0.178

15

0.39

27.46

MTH-EC25-07

131

132

1

799798

0.261

27.7

0.66

45.97

MTH-EC25-07

132

133

1

799799

0.425

23.8

0.77

53.55

MTH-EC25-07

133

134

1

799802

0.034

6.6

0.13

8.98

MTH-EC25-07

134

135

1

799803

0.075

7.8

0.19

13.05

MTH-EC25-07

135

136

1

799804

0.442

15.2

0.66

46.14

MTH-EC25-07

137

138

1

799806

0.138

5.2

0.21

14.86

MTH-EC25-07

138

139

1

799807

0.083

6.1

0.17

11.91

MTH-EC25-07

139

140

1

799808

0.069

6.8

0.17

11.63

MTH-EC25-07

140

141

1

799809

0.055

4.6

0.12

8.45

MTH-EC25-07

146

147

1

799815

0.499

56.3

1.30

91.23

MTH-EC25-07

148

149

1

799817

0.047

4.6

0.11

7.89

MTH-EC25-07

149

150

1

799818

0.078

8.2

0.20

13.66

MTH-EC25-07

150

150.6

0.6

799819

0.369

20.7

0.66

46.53

MTH-EC25-07

152

153

1

799822

0.219

35

0.72

50.33

MTH-EC25-07

155

156

1

799826

0.262

37.3

0.79

55.64

MTH-EC25-07

184.5

185

0.5

799834

0.065

4.9

0.14

9.45

MTH-EC25-07

189.05

189.65

0.6

799841

0.082

4.2

0.14

9.94

MTH-EC25-07

189.65

190.15

0.5

799842

0.062

5.6

0.14

9.94

MTH-EC25-07

196

196.5

0.5

799849

0.154

7.8

0.27

18.58

MTH-EC25-07

196.5

197.1

0.6

799851

0.375

1.8

0.40

28.05

MTH-EC25-07

199.6

200.1

0.5

799855

0.098

1.8

0.12

8.66

MTH-EC25-07

200.1

201

0.9

799856

0.065

2.7

0.10

7.25

MTH-LS25-08

0

1.5

1.5

799861

0.136

18.2

0.40

27.72

MTH-LS25-08

2

3

1

799863

0.044

10.2

0.19

13.28

MTH-LS25-08

3

4

1

799864

0.069

7.7

0.18

12.53

MTH-LS25-08

4

5

1

799865

0.058

5.8

0.14

9.86

MTH-LS25-08

5

6

1

799866

0.96

15.4

1.18

82.6

MTH-LS25-08

7

8

1

799868

0.089

1

0.10

7.23

MTH-LS25-08

14

15

1

799876

0.479

10.6

0.63

44.13

MTH-LS25-08

16.5

17.6

1.1

799879

0.061

3.5

0.11

7.77

MTH-LS25-08

17.6

18.1

0.5

799881

1.19

51.5

1.93

134.8

MTH-LS25-08

18.1

19

0.9

799882

0.36

62.2

1.25

87.4

MTH-LS25-08

19

20.08

1.08

799883

7.97

171

10.41

728.9

MTH-LS25-08

20.08

21

0.92

799884

0.22

34.9

0.72

50.44

MTH-LS25-08

21

21.5

0.5

799885

0.22

35.9

0.74

51.51

MTH-LS25-08

21.5

22

0.5

799886

1.88

76.7

2.98

208.3

MTH-LS25-08

22

23

1

799887

0.36

46.2

1.02

71.33

MTH-LS25-08

23

24

1

799888

0.26

43.9

0.89

62.31

MTH-LS25-08

24

25

1

799889

0.33

33.4

0.81

56.36

MTH-LS25-08

25

26

1

799890

0.07

4.1

0.13

9.00

MTH-LS25-08

29

30

1

799894

0.037

7

0.14

9.59

MTH-LS25-08

30

31

1

799895

0.027

5.7

0.11

7.59

MTH-LS25-08

39.5

40

0.5

799906

0.055

16.9

0.30

20.75

MTH-LS25-08

40

40.5

0.5

799907

0.345

8.2

0.46

32.35

MTH-LS25-08

41

41.5

0.5

799909

0.629

7.5

0.74

51.53

MTH-LS25-08

42

43

1

799911

0.339

2.4

0.37

26.13

MTH-LS25-08

71

72

1

799916

0.037

4.8

0.11

7.39

MTH-LS25-08

88

89

1

799917

0.332

9.7

0.47

32.94

MTH-LS25-08

89

89.8

0.8

799918

0.033

5.2

0.11

7.51

MTH-LS25-08

89.8

90.3

0.5

799919

13.25

584

18.34

1284

MTH-LS25-08

90.3

91

0.7

799921

0.11

5.7

0.19

13.4

MTH-LS25-08

97

97.75

0.75

799929

0.566

28.1

0.97

67.72

MTH-LS25-08

97.75

98.25

0.5

799930

2.44

58.4

3.27

229.2

MTH-LS25-08

98.25

98.75

0.5

799931

1.23

44.4

1.86

130.5

MTH-LS25-08

98.75

99.75

1

799932

0.121

1.3

0.14

9.77

MTH-LS25-08

105

106

1

799940

0.112

4.5

0.18

12.34

MTH-LS25-08

107.3

108

0.7

799943

0.35

5.2

0.42

29.7

MTH-LS25-08

179.35

179.85

0.5

799982

0.98

3.3

1.03

71.9

MTH-LS25-08

185

186

1

799989

0.26

6.8

0.36

25.00

MTH-LS25-08

187.58

188.15

0.57

799992

0.332

2.3

0.36

25.54

MTH-LS25-09

20

20.74

0.74

800008

0.09

2

0.12

8.23

MTH-LS25-09

20.74

21.67

0.93

800009

0.14

4.3

0.20

13.89

MTH-LS25-09

21.67

22.5

0.83

800010

0.43

2

0.45

31.82

MTH-LS25-09

40

40.6

0.6

800018

0.10

5.4

0.18

12.61

MTH-LS25-09

48.3

48.91

0.61

800022

0.36

35.3

0.87

60.64

MTH-LS25-09

48.91

49.41

0.5

800023

0.25

21.7

0.56

39.41

MTH-LS25-09

88.5

89

0.5

800035

0.56

28.8

0.97

67.65

MTH-LS25-09

98.25

98.5

0.25

800036

15.20

786

26.43

1850

MTH-LS25-09

120.5

121

0.5

800039

0.33

31.7

0.78

54.59

MTH-LS25-09

138

138.3

0.3

800043

5.39

210

8.39

587.3

MTH-LS25-09

196

196.9

0.9

800062

0.19

0.8

0.20

14.24

MTH-LS25-09

196.9

197.45

0.55

800063

0.11

1.1

0.12

8.59

MTH-LS25-09

198

199

1

800065

0.22

0.7

0.23

15.96

MTH-LS25-10

65

66

1

800098

0.042

5.4

0.12

8.34

MTH-LS25-10

66

66.6

0.6

800099

0.079

14.7

0.29

20.23

MTH-LS25-10

66.6

67.2

0.6

800101

0.099

11.7

0.27

18.63

MTH-LS25-10

67.2

68

0.8

800102

0.968

122

2.71

189.76

MTH-LS25-10

68

68.8

0.8

800103

4.49

308

8.89

622.30

MTH-LS25-10

68.8

69.4

0.6

800104

0.106

3.6

0.16

11.02

MTH-LS25-10

69.4

70

0.6

800105

0.299

5.6

0.38

26.53

MTH-LS25-10

70

70.55

0.55

800106

2.42

504

9.62

673.40

MTH-LS25-10

70.55

71.25

0.7

800107

0.127

4

0.18

12.89

MTH-LS25-10

71.25

72.05

0.8

800108

1.39

215

4.46

312.30

MTH-LS25-10

73

74

1

800110

0.27

6.3

0.36

25.20

MTH-LS25-10

75

76

1

800112

0.147

5.9

0.23

16.19

MTH-LS25-10

76

77

1

800113

0.083

5.4

0.16

11.21

MTH-LS25-10

91.5

92.25

0.75

800131

0.083

15.2

0.30

21.01

MTH-LS25-10

98.1

98.8

0.7

800139

0.042

6.3

0.13

9.24

MTH-LS25-10

102

102.55

0.55

800144

0.022

42.7

0.63

44.24

MTH-LS25-10

102.55

103.1

0.55

800145

0.4

17.4

0.65

45.40

MTH-LS25-10

103.1

104

0.9

800146

0.641

27.3

1.03

72.17

MTH-LS25-10

108

108.95

0.95

800152

0.069

37.5

0.60

42.33

MTH-LS25-10

108.95

109.45

0.5

800153

0.043

7.6

0.15

10.61

MTH-LS25-10

110.05

111

0.95

800155

0.132

5.9

0.22

15.14

MTH-LS25-10

111

112

1

800156

0.156

11

0.31

21.92

MTH-LS25-10

112

113

1

800157

0.659

82.2

1.83

128.33

MTH-LS25-10

113

114

1

800158

20.70

1130

36.84

2579.00

MTH-LS25-10

114

114.55

0.55

800159

7.4

447

13.79

965.00

MTH-LS25-10

114.55

115.05

0.5

800161

0.122

10.3

0.27

18.84

MTH-LS25-10

115.05

116

0.95

800162

0.255

17.1

0.50

34.95

MTH-LS25-10

116

117

1

800163

0.108

14.3

0.31

21.86

MTH-LS25-10

124.1

125

0.9

800172

0.027

8.4

0.15

10.29

MTH-LS25-10

127.6

128.1

0.5

800177

1.93

141

3.94

276.10

MTH-LS25-10

128.6

129.2

0.6

800179

1.14

24.3

1.49

104.10

MTH-LS25-10

130

131

1

800181

0.043

8

0.16

11.01

MTH-LS25-10

141.6

142.1

0.5

800193

2.74

123

4.50

314.80

MTH-LS25-10

189.1

190

0.9

800220

0.18

3.3

0.23

15.90

MTH-LS25-10

192.3

192.8

0.5

800224

0.081

2

0.11

7.67

MTH-LS25-11

102.2

103.15

0.95

800281

0.23

22.6

0.55

38.70

MTH-LS25-11

103.15

103.95

0.8

800282

0.109

7.7

0.22

15.33

MTH-LS25-11

105

106

1

800284

0.097

12.1

0.27

18.89

MTH-LS25-11

106

107

1

800285

0.565

27.5

0.96

67.05

MTH-LS25-11

107

108

1

800286

1

27.2

1.39

97.20

MTH-LS25-11

108

108.8

0.8

800287

31.6

4030

89.17

6242.00

MTH-LS25-11

108.8

109.35

0.55

800288

7.15

641

16.31

1141.50

MTH-LS25-11

109.35

110

0.65

800289

8.69

892

21.43

1500.30

MTH-LS25-11

110

110.55

0.55

800290

110

7530

217.57

15230.00

MTH-LS25-11

110.55

111.25

0.7

800291

6.95

1020

21.52

1506.50

MTH-LS25-11

111.25

111.95

0.7

800292

0.505

50.1

1.22

85.45

MTH-LS25-11

111.95

113

1.05

800293

0.359

37.8

0.90

62.93

MTH-LS25-11

129.49

130.49

1

800297

0.251

26.2

0.63

43.77

MTH-LS25-11

130.49

131.05

0.56

800298

22.8

1425

43.16

3021.00

MTH-LS25-11

136.78

137.2

0.42

800306

1.12

88.6

2.39

167.00

MTH-LS25-11

137.2

137.7

0.5

800307

8.21

471

14.94

1045.70

MTH-LS25-11

137.7

138.6

0.9

800308

0.132

11.8

0.30

21.04

MTH-LS25-11

138.6

139.6

1

800309

0.453

38.6

1.00

70.31

MTH-LS25-11

139.6

140.55

0.95

800310

0.212

61.2

1.09

76.04

MTH-LS25-11

140.55

141.15

0.6

800311

0.037

6.9

0.14

9.49

MTH-LS25-11

148

148.45

0.45

800323

0.277

4.6

0.34

23.99

MTH-LS25-11

173

174

1

800330

0.012

7.6

0.12

8.44

MTH-LS25-11

182

182.6

0.6

800336

0.265

14.5

0.47

33.05

MTH-LS25-11

182.6

183.1

0.5

800337

0.069

3.5

0.12

8.33

MTH-LS25-11

191

191.5

0.5

800347

0.064

5.6

0.14

10.08

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

  • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

  • Aspects of the determination of mineralisation that are Material to the Public Report.

  • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

  • Samples for the Copalquin, Mexico drill programs consist of ½ HQ core cut lengthwise with a diamond saw. Intervals are nominally 1 m but may vary between 1.5 m to 0.5 m based on geologic criteria.

  • Deeper portions of holes from CDH-075 onward consist of ½ NQ core. Sample sizes are tracked by core diameter and sample weights.

  • The same side of the core is always sent to sample (left side of saw).

  • Reported intercepts are calculated as either potentially underground mineable (below 120m below surface) or as potentially open-pit mineable (near surface).

  • Potentially underground mineable intercepts are calculated as length weighted averages of material greater than 1 g/t AuEQ_70 allowing up to 2m of internal dilution.

  • Potentially open-pit mineable intercepts are calculated as length weighted averages of material greater than 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution.

  • Rock chip sampling is done with hammer and chisel along continuous chip lines oriented perpendicular to the mineralized structure. The samples are as representative as possible.

Drilling techniques

  • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

  • Drilling is done with an MP500 man-portable core rig capable of drilling HQ size core to depths of 400 m. Core is recovered in a standard tube. Less than 6% of the total core drilled is NQ size core (as of 2025-03-03).

Drill sample recovery

  • Method of recording and assessing core and chip sample recoveries and results assessed.

  • Measures taken to maximise sample recovery and ensure representative nature of the samples.

  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

  • Drill recovery is measured based on measured length of core divided by length of drill run.

  • Recovery in holes CDH-001 through CDH-025 and holes CDH-032 through CDH-077 was always above 90% in the mineralized zones. Detailed core recovery data are maintained in the project database.

  • Holes CDH-026 through CDH-031 had problems with core recovery in highly fractured, clay rich breccia zones.

  • There is no adverse relationship between recovery and grade identified to date.

Logging

  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

  • The total length and percentage of the relevant intersections logged.

•        Core samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

•        Core logging is both qualitative or quantitative in nature. Photos are taken of each box of core before samples are cut. Core is wetted to improve visibility of features in the photos.

  • All core has been logged and photographed.

Sub-sampling techniques and sample preparation

  • If core, whether cut or sawn and whether quarter, half or all core taken.

  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.

  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

  • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

  • Whether sample sizes are appropriate to the grain size of the material being sampled.

•        Core is sawn and half core is taken for sample.

•        Samples are prepared using ALS Minerals Prep-31 crushing, splitting and pulverizing. This is appropriate for the type of deposit being explored.

•        Visual review to assure that the cut core is ½ of the core is performed to assure representativity of samples.

•        field duplicate/second-half sampling is undertaken for 3% of all samples to determine representativity of the sample media submitted.

  • Sample sizes are appropriate to the grain size of the material being sampled.

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

  • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

•        Samples are assayed for gold using ALS Minerals Au-AA25 method a 30 g fire assay with an AA finish. This is considered a total assay technique.

Samples are assayed for silver using ALS Minerals ME-ICP61 method. Over limits are assayed by AgOG63 and AgGRAV21. These are considered a total assay technique.

  • Standards, blanks and duplicates are inserted appropriately into the sample stream.  External laboratory checks will be conducted as sufficient samples are collected. Levels of accuracy (ie lack of bias) and precision have not yet been established.

  • Soil sampling is also subject to a program of standards and blanks using the X-ray florescence (XRF) analyser. Results are acceptable. Samples were analysed using three wavelengths 50Kv, 40 Kv and 15 Kv for times of 120 seconds, 30 seconds and 30 seconds respectively.

  • Samples with significant amounts of observed visible gold are also assayed by AuSCR21, a screen assay that analyses gold in both the milled pulp and in the residual oversize from pulverization. This has been done for holes CDH-075 and CDH-077.

Verification of sampling and assaying

  • The verification of significant intersections by either independent or alternative company personnel.

  • The use of twinned holes.

  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

  • Discuss any adjustment to assay data.

•        The verification of significant intersections by either independent or alternative company personnel has not been conducted. A re-assay program of pulp duplicates is currently in progress.

•        The use of twinned holes. No twin holes have been drilled.

MTH has drilled one twin hole. Hole CDH-072, reported in the 15/6/2021 announcement, is a twin of holes EC-/002 and UC-03. Results are comparable.

•        Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols are maintained in the company’s core facility.

  • Assay data have not been adjusted other than applying length weighted averages to reported intercepts.

Location of data points

  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

  • Specification of the grid system used.

  • Quality and adequacy of topographic control.

•        Drill collar coordinates are currently located by handheld GPS. Precise survey of hole locations is planned. Downhole surveys of hole deviation are recorded for all holes. Locations for holes CDH-001 through CDH-048 and CDH-051 through CDH-148 have been surveyed with differential GPS to a sub 10 cm precision.

Hole CDH-005 was not surveyed

•        UTM/UPS WGS 84 zone 13 N

  • High quality topographic control from Photosat covers the entire drill project area.

Data spacing and distribution

  • Data spacing for reporting of Exploration Results.

  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

  • Whether sample compositing has been applied.

•        Data spacing is appropriate for the reporting of Exploration Results.

•        The Resource estimation re-printed in this announcement was originally released on 16 Nov 2021

  • No sample compositing has been applied.

Orientation of data in relation to geological structure

  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

•        Cut lines are marked on the core by the geologists to assure that the orientation of sampling achieves unbiased sampling of possible structures. This is reasonably well observed in the core and is appropriate to the deposit type.

  • The relationship between the drilling orientation and the orientation of key mineralised structures is not considered to have introduced a sampling bias.

Sample security

  • The measures taken to ensure sample security.

  • Samples are stored in a secure core storage facility until they are shipped off site by small aircraft and delivered directly to ALS Global.

Audits or reviews

  • The results of any audits or reviews of sampling techniques and data.

  • A review with spot checks was conducted by AMC in conjunction with the resource estimate published 16 Nov 2021. Results were satisfactory to AMC.

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

  • Concessions at Copalquin

No.

Concession

Concession Title number

Area (Ha)

Location

1

LA SOLEDAD

52033

6

Tamazula, Durango, Mexico

2

EL COMETA

164869

36

Tamazula, Durango, Mexico

3

SAN MANUEL

165451

36

Tamazula, Durango, Mexico

4

COPALQUIN

178014

20

Tamazula, Durango, Mexico

5

EL SOL

236130

6,000

Tamazula, Durango and Badiraguato, Sinaloa, México

6

EL CORRAL

236131

907.3243

Tamazula, Durango and Badiraguato, Sinaloa, México

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by other parties.

  • Previous exploration by Bell Coast Capital Corp. and UC Resources was done in the late 1990’s and in 2005 – 2007. Work done by these companies is historic and non-JORC compliant. Mithril uses these historic data only as a general guide and will not incorporate work done by these companies in resource modelling.

  • Work done by the Mexican government and by IMMSA and will be used for modelling of historic mine workings which are now inaccessible (void model)

Geology

  • Deposit type, geological setting and style of mineralisation.

  • Copalquin is a low sulfidation epithermal gold-silver deposit hosted in andesite. This deposit type is common in the Sierra Madre Occidental of Mexico and is characterized by quartz veins and stockworks surrounded by haloes of argillic (illite/smectite) alteration. Veins have formed as both low-angle semi-continuous lenses parallel to the contact between granodiorite and andesite and as tabular veins in high-angle normal faults. Vein and breccia thickness has been observed up to 30 meters wide with average widths on the order of 3 to 5 meters. The overall strike length of the semi-continuous mineralized zone from El Gallo to Refugio, Cometa, Los Pinos, Los Reyes, La Montura to Constancia is almost 6 kilometres. The southern area from Apomal to San Manuel and to Las Brujas-El Peru provides additional exploration potential up to 5km.

Drill hole Information

  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

  • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level – elevation above

  • sea level in metres) of the drill hole collar

  • dip and azimuth of the hole

  • down hole length and interception depth

  • hole length.

  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Drillhole

Easting

Northing

Elevation

Azimuth

Dip

Final Depth

CDH-167

289607

2823791

1176

240

75

357

MTH-EC24-01

289612

2823837

1155

250

50

291

MTH-EC24-02

289662

2823808

1152

250

50

258

MTH-EC24-03

289594

2823842

1145

250

50

330

MTH-EC24-04

289619

2823766

1168

330

50

240

MTH-EC24-05

289603

2823896

1148

250

50

381

MTH-EC25-06

289612

2823805

1174

145

50

207

MTH-EC25-07

289506

2823824

1186

248

70

210

MTH-LS25-08

289615

2824074

1155

210

60

201

MTH-LS25-09

289570

2824106

1181

210

60

210

MTH-LS25-10

289643

2824122

1148

210

60

210

MTH-LS25-11

289594

2824196

1111

225

67

222

MTH-LS25-12

289665

2824157

1114

210

72

201

MTH-LS25-13

289622

2824214

1093

210

60

210

MTH-LS25-14

289692

2824202

1073

210

60

219

MTH-LS25-15

289536

2824254

1155

210

65

339

MTH-LS25-16

289565

2824286

1162

210

58

342

MTH-LS25-17

289565

2824286

1162

210

75

402

MTH-LS25-18

289565

2824286

1162

225

63

448.5

MTH-LS25-19

289638

2824289

1116

210

70

In Progress

Data aggregation methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

  • The assumptions used for any reporting of metal equivalent values should be clearly stated.

  • Intercepts are reported for all intercepts greater than or equal to 1 g/t AuEQ_70 using a 70:1 Silver to gold price ratio. No upper cut-off is applied to reporting intercepts.

  • Length weighted averaging is used to report intercepts. The example of CDH-002 is shown. The line of zero assays is a standard which was removed from reporting.

Au

raw

Ag

raw

Length

(m)

Au

*length

Ag

*length

7.51

678

0.5

3.755

339

11.85

425

0.55

6.5175

233.75

0 0 0 0 0

0.306

16

1

0.306

16

0.364

31.7

1

0.364

31.7

3.15

241

0.5

1.575

120.5

10.7

709

0.5

5.35

354.5

15.6

773

0.5

7.8

386.5

From

To

Length

Au gpt

Ag gpt

4.55

25.6675

1481.95

91.95

96.5

4.55

5.64

325.70

  • Metal equivalent grades are reported using a 70:1 silver to gold price ratio. This ratio is based on the gold and silver prices reported on kitco.com as of 11 July 2021 (actual ratio at that date 69.3:1)

Relationship between mineralisation widths and intercept lengths

  • These relationships are particularly important in the reporting of Exploration Results.

  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

  • True widths at Refugio between sections 120 and 1,000 vary according to the hole’s dip. Holes drilled at -50 degrees may be considered to have intercept lengths equal to true-widths, Holes drilled at -70 degrees have true widths approximately 92% of the reported intercept lengths and holes drilled at -90 degrees have true widths of 77% of the reported intercept lengths.

  • True widths are not known at La Soledad and downhole intercepts are reported.

Diagrams

  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

See figures in announcement

Balanced reporting

  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

  • All exploration results are reported.

Other substantive exploration data

  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

  • No additional exploration data are substantive at this time.

  • Metallurgical test work on drill core composite made of crushed drill core from the El Refugio drill hole samples has been conducted.

  • The samples used for the test work are representative of the material that makes up the majority of the Maiden Resource Estimate for El Refugio release on 17 th November 2021.

  • The test work was conducted by SGS laboratory Mexico using standard reagents and test equipment.

Further work

  • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

  • Exploration results from the Copalquin District reporting in this release.

1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.

2 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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American West Gearing up for Transformational Year at the Storm Copper Project, Canada

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American West Metals Limited (American West Metals or the Company) (ASX:AW1) is pleased to announce positive findings of the Preliminary Economic Analysis (PEA) for the Storm Copper Project (Storm or the Project) on Somerset Island, Nunavut, Canada.

Positive Preliminary Economic Analysis (PEA) defines Pathway to Production:

  • Initial production target. Study on a starter operation at Storm based on mining inventory of 10.3Mt @ 1.3% Cu, 3.7g/t Ag delivers 487,000t of copper concentrate at 17.1% Cu, 49g/t Ag
  • 10-year production plan. Initial mine plan covers 10 years of production with scope to increase both the scale of the mining operation and the mine life with potential increases in the Storm Mineral Resource Estimate (MRE)
  • Attractive financials. Robust economics (estimated based on the assumptions in the base case and assuming no leverage):
    • Total revenue – Approx. US$839m
    • Post-tax NPV8 – Approx. US$149m
    • Post-tax IRR – Approx. 46%
    • Payback of Approx. 3 years
  • Low-cost operation. Very low capex and operating costs of approximately:
    • Initial CAPEX – US$47.4m
    • Life of mine CAPEX – US$80.3m
    • C1 Cost – US$2.63/lb
  • Enhanced shareholder returns with leverage. Pre-tax IRR of approximately 135% with project development using 100% debt finance. American West is in discussions with a number of parties that are considering proposals to provide off-take finance or other debt solutions for development of Storm
  • Innovative processing with high ESG credentials. Simple ore-sorting and beneficiation produces a high-quality copper-silver product with zero deleterious elements, chemicals, and tailings
  • Mine permitting to commence. Mine permitting will now be initiated based on the PEA with potential for a further US$3.5 million to be advanced in the near- term under the Storm royalty arrangement with Taurus Mining Royalty Fund

2025 drilling to accelerate growth of copper resources:

  • Existing resource is just the beginning. Major drill program planned for 2025 to accelerate the definition of copper resources along the 110km Storm Copper belt
  • 2024 discoveries ready for resource definition drilling. Potential to rapidly increase the MRE through resource definition drilling of new discoveries, including:
    • The Gap – a strong EM anomaly confirmed with drilling that returned 20m @ 2.3% Cu from 28m
    • Cyclone Deeps – potential continuation of the large Cyclone Deposit at depth with drill intercepts such as 10m @ 1.2% Cu from 311m
    • Squall – EM anomaly with drilling confirming high-grade copper of 1.5m @ 2.36 Cu from 181.4m at end of hole
    • Hailstorm – chalcocite boulders at surface that returned assays of >50% Cu within a geochemical soil anomaly over 3km2
  • Regional targets highlight large endowment potential. Pipeline of large-scale exploration targets along the 110km copper belt including:
    • Tornado/Blizzard – located 5km east of the Storm copper deposits the area hosts a 3.2km x 1.5km geochemical copper anomaly and two large electromagnetic (EM) plates yet to be drilled
    • Tempest – 4km long zone of gossans located 40km south of the Storm MRE with assays from surface samples returning base metal grades up to 38.2% Cu and 30.8% Zn
  • Geophysics to generate new targets. Large airborne Mobile Magneto-Telluric (MT) survey planned for the Storm MRE area and other areas of interest along the 110km prospective copper horizon
  • Forward planning for 2025 field season. The sealift operation completed in Q4 2024 delivered bulk supplies to Storm in preparation for the 2025 field season, significantly streamlining logistics to enable a short lead time for start of drilling in 2025 and reducing 2025 costs by circa. $4m

The PEA has outlined a technically robust project and demonstrated that Storm has the potential to become a profitable, long-life mine with strong economic returns for the Company.

The PEA estimates that an open pit mining and mineral processing facility at Storm can be developed with a low initial capital cost of US$47.4m to deliver a project NPV of approximately US$149m and a post-tax IRR of approximately 46%.

Shareholder returns can be substantially enhanced by use of 100% debt to fund development, which boosts the approximate pre-tax IRR to an impressive 135%. American West is in ongoing discussions with a number of parties regarding the potential for off-take or other debt-based financing for the development of Storm.

The PEA is based on the current Storm MRE of 20.6Mt at 1.1% Cu and 3.8g/t Ag which contains 229Kt of copper and 2.2Moz of silver (using a 0.35% Cu cut-off). With less than 5% of the 110km prospective copper horizon at Storm systematically explored with drilling and numerous exploration targets already identified along the copper belt, there is strong potential to add significant copper resources to the Storm MRE. The Company is planning a major exploration program for 2025 to test a pipeline of high-quality copper targets.

American West believes the dual focus of exploration in pursuit of new discoveries while progressing feasibility studies will continue to stamp Storm as an attractive copper development opportunity.

The below key economic metrics of the PEA highlight the competitive cost profile and investment returns (all financial metrics are approximations estimated on the basis of assumptions in the PEA). A copy of the PEA is attached to this ASX Release.

Dave O’Neill, American West’s Managing Director, said:

“Our field work and development studies in 2024 have laid the groundwork for what we believe will be a transformational year for American West.

“The initial economic study is an enormous milestone for the Storm Copper Project. It is exciting to announce a low capital cost pathway to mine development with significant upside to expand the production profile and mine life as our continuing exploration identifies further copper resources.

“Storm is now well positioned to be the next copper mine in Canada, joining other very successful base metal mines in the region such as Polaris (22Mt @ 14.1% Zn, 4% Pb) which operated for 21 Years, and Nanisivik (18Mt @ 9% Zn, 0.7% Pb) which operated for 26 years. We will now initiate the permitting process and progress feasibility study work.

“American West will also continue a strong focus on resource expansion and exploration drilling to fully unlock the resource potential along the prospective 110km copper belt at Storm.

“Exploration in 2024 delivered a pipeline of new discoveries and targets that we will follow-up in 2025. There are several large-scale exploration targets that offer excellent potential for a new discovery – walk-up drill targets that are supported by strong EM plates, gravity anomalies, copper gossans at surface, or high-grade copper confirmed by reconnaissance drilling.

“There is very strong potential to quickly add tonnes to the existing mineral resource estimate. With the scoping study supporting the economic potential of a mining operation at Storm, any increase in the resource is likely to further enhance the potential economics of that mining operation.

“We look forward to updating investors on the 2025 field program as arrangements are finalised.”


Click here for the full ASX Release

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Tech 5: Apple to Invest US$500 Billion in American Facilities, OpenAI Launches GPT-4.5

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Market volatility was on full display this week, beginning with a sharp selloff on Monday (February 24) and exacerbated by a rollout of downbeat economic data, including a weak consumer sentiment report.

Those feelings were echoed in the findings of a Harris Poll conducted for Bloomberg News, which found that nearly 60 percent of US adults expect higher prices in 2025 if President Donald Trump’s policies are enacted.

Rising US jobless claims and fluctuating Personal Consumption Expenditures price index data on Thursday (February 27), coupled with Friday (February 28) numbers showing US consumer spending fell in January and a tense meeting between Trump and Ukrainian President Volodymyr Zelenskyy, intensified economic concerns.

The tech and crypto markets felt the impact of this uncertainty, with Bitcoin ultimately dropping below US$78,400 on Thursday night, over 20 percent lower than its price near US$100,000 seen last week.

All Mag 7 stocks moved down on Tuesday (February 25) after the consumer sentiment report, with Tesla (NASDAQ:TSLA) leading the descent. Its market cap dipped below US$1 trillion after January data from the European Automobile Manufacturers’ Association showed 45 percent fewer Tesla registrations year-on-year. The carmaker ended the week down 13.24 percent. NVIDIA (NASDAQ:NVDA) and Palantir (NASDAQ:PLTR) also lost over 10 percent this week.

Amid these fluctuating market dynamics, Vinod Khosla, founder of Khosla Ventures, urged attendees at the Information’s AI Agenda Live conference in San Francisco to be selective when looking for artificial intelligence (AI) opportunities.

“Most investments in AI will lose money, but a few high-return outliers will offset the losses,” he said. “Right now, we’re in the greed cycle of investing because people see the momentum that’s been established in the market caps.”

With that, here’s a look at other key events that made tech headlines this week.

1. Spotlight on Cohere and NVIDIA’s AI advances

Software startup Cohere is making waves in the international AI market.

A Monday report from the Information reveals that the Canadian AI company, which develops large language models (LLMs), surpassed US$70 million in annualized revenue, a three-fold increase compared to last year.

In July 2024, the company was valued at US$5.5 billion. In January, it launched North, an “all-in-one secure AI workspace platform” that combines LLMs, advanced search and automation tools to help enterprises enable automation and streamline efficiency. Roughly 25 percent of its revenue growth is reportedly from international markets.

Such a drastic increase in revenue may not come as a surprise given Cohere’s strong backing by industry heavyweights like Salesforce (NYSE:CRM), Cisco Systems (NASDAQ:CSCO), Advanced Micro Devices (NASDAQ:AMD) and NVIDIA. The company’s professional relationships have been instrumental to its growth. Cohere’s Command R model was integrated into NVIDIA’s API catalog last year. Cohere has also secured a partnership with CoreWeave to build data centers in Canada, with the financial backing of the Canadian government and hardware supplied by NVIDIA.

NVIDIA itself released its latest quarterly results on Wednesday (February 26), reporting earnings per share of US$0.89, surpassing analysts’ estimates of US$0.85. It is projecting revenue of US$43 billion for the coming quarter.

Despite a slight dip in share price the day before its results came out, perhaps driven by potential restrictions on sales of its graphic processing units to China, the market reacted positively to NVIDIA’s performance. The company’s share price closed at US$131.28 on Wednesday, climbing to US$135.67 in after-hours trading. NVIDIA closed the week at US$124.92 per share, down 8.52 percent from Monday’s opening price.

2. Apple announces US investment and manufacturing plans

Apple (NASDAQ:APPL) started the week by announcing a US$500 billion investment in the US over the course of next four years. The company’s commitment includes a new manufacturing academy in Michigan, accelerated research and development efforts and a new 250,000 square foot manufacturing plant in Houston.

“The servers that will soon be assembled in Houston play a key role in powering Apple Intelligence, and are the foundation of Private Cloud Compute, which combines powerful AI processing with the most advanced security architecture ever deployed at scale for AI cloud computing,” the company wrote in a press release.

The center, which the company says will employ 20,000 workers, is slated to begin operations in 2026.

Trump recently revealed Apple’s intention to shift manufacturing from Mexico to the US after a meeting with CEO Tim Cook, preempting the company’s official announcement.

“He’s going to start building,” Trump told governors at the White House on February 21. “Very big numbers — you have to speak to him. I assume they’re going to announce it at some point.”

In a separate development, Apple finalized an investment agreement with Indonesia on Thursday, ending a five month deadlock that prevented iPhone 16 sales in the country. The agreement includes the construction of an AirTag manufacturing facility on Batam Island and another plant in Bandung, West Java.

3. OpenAI’s GPT-4.5 unveiled alongside BNY Mellon collaboration

BNY Mellon, America’s oldest bank, announced a multi-year partnership with OpenAI on Wednesday.

The agreement will give BNY Mellon access to OpenAI’s advanced AI tools, including Deep Research and its most advanced reasoning models. These tools will enhance BNY Mellon’s internal AI platform, Eliza. OpenAI aims to gain valuable insights into the real-world performance of its models for complex tasks through this collaboration.

This focus on advanced reasoning models is a key aspect of OpenAI’s broader strategy, even as it explores different facets of AI with its latest release, GPT-4.5, on Thursday. GPT-4.5 is the latest iteration of its language model, ChatGPT.

GPT-4.5 employs “unsupervised learning,” a type of machine learning where algorithms analyze and find patterns in unlabeled data. According to OpenAI’s CEO Sam Altman, the model exhibits greater emotional intelligence and is less likely to hallucinate than past models. “It is the first model that feels like talking to a thoughtful person to me,” Altman posted on X on Thursday afternoon following a press release. “(I) have had several moments where I’ve sat back in my chair and been astonished at getting actually good advice from an AI.”

Altman also explained that the model’s size and complexity demand substantial computational resources, delaying the release of the ‘plus’ tier until after “tens of thousands of GPUs” are added next week.

In addition, he clarified that GPT-4.5 is not a reasoning model and “won’t crush any benchmarks. (I)t’s a different kind of intelligence and there’s a magic to it (I) haven’t felt before.” In essence, GPT-4.5 represents advancement towards more intuitive AI capable of adaptable, meaningful and natural conversations.

4. CoreWeave eyes US$35 billion valuation in upcoming IPO

Cloud computing provider CoreWeave is reportedly considering an initial public offering (IPO) in the US. The official announcement could come within a week, according to sources for Bloomberg, who said the details of the plan are still being decided. Company representatives did not respond to Bloomberg’s request for a statement.

Bloomberg also reported on rumors of a CoreWeave IPO in November, with sources at the time saying executives had chosen prominent investors Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) to lead. The company secured US$23 billion from Cisco Systems in October 2024.

CoreWeave is now seeking US$4 billion, targeting a valuation of at least US$35 billion.

5. Reports show Meta to build new AI data center

Meta Platforms (NASDAQ:META) is reportedly in talks to build a new data center campus to power its ambitious AI projects, valued at approximately US$200 billion. Sources familiar with the matter revealed to the Information that Meta executives are actively exploring potential sites in Louisiana, Wyoming and Texas.

However, a Meta spokesperson refuted these reports, reasserting the company’s previously disclosed capital expenditure and data center plans, confirming that those plans have been finalized.

In related news, CNBC reported on Thursday that Meta is preparing to launch a standalone app dedicated to its chatbot, Meta AI. This move would allow users to engage with and use the AI chatbot on a separate platform from the company’s other social media and messaging apps.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Crypto Market Recap: House Democrats to Launch Meme Coin Act

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Here’s a quick recap of the crypto landscape for Friday (February 28) as of 9:00 p.m. UTC.

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$84,278.24, reflecting an increase of 1 percent over the past 24 hours. The day’s trading range has seen a high of US$84,851.28 and a low of US$81,015.49.

Ryan Lee, chief analyst at Bitget Research, told Cointelegraph that Bitcoin could fall further, “nearing $75,000 as a key support level based on historical patterns and trader sentiment.”

Ethereum (ETH) is priced at US$2,213.28, a loss of 1.5 percent over the same period.

The cryptocurrency reached an intraday high of US$2,238.75 and a low of US$2,138.62. According to crypto intelligence platform Lookonchain, hackers who made off with US$1.4 billion worth of crypto from decentralized exchange Bybit had laundered over US$605 million worth of Ether as of Thursday (February 27) evening.

Altcoin price update

    • XRP is trading at US$2.14, reflecting a 0.8 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.16 and a low of US$2.70.
    • Sui (SUI) is priced at US$2.82, showing a 1.6 percent increase over the past 24 hours. It achieved a daily high of US$2.83 and a low of US$2.52.
    • Cardano (ADA) is trading at US$0.6306. The last 24 hours have shown no net change. Its highest price on Friday was US$0.6368, with a low of US$0.6123.

    Crypto news to know

    House Democrats to launch meme coin act

    House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which prohibits public officials from profiting from, endorsing, issuing or promoting any digital assets.

    California Representative Sam Liccardo shared his party’s intent to address concerns surrounding meme coins and potential conflicts of interest with ABC News on Thursday.

    “Let’s make corruption criminal again,” said Liccardo, a former federal and local criminal prosecutor.

    “The Trumps’ issuance of meme coins financially exploits the public for personal gain, and raises the specter of insider trading and foreign influence over the Executive Branch,’ he added.

    The MEME Act seeks to establish clear guidelines for public officials regarding digital assets. In other regulatory developments, the US Securities and Exchange Commission (SEC) determined on Thursday that meme coins are not securities. Therefore, traders are not required to register their transactions with the commission.

    However, Commissioner Caroline Crenshaw warned that the commission’s vague definition of meme coins could be exploited to potentially circumvent securities regulations.

    SEC postpones ruling on Ether ETF options

    The SEC has opted to delay its ruling on whether or not to allow Ether exchange-traded fund (ETF) options to be listed on the Cboe. According to a Friday filing, the SEC has extended the deadline to make a final decision until May 2.

    The Cboe is seeking to list options on the Fidelity Ethereum Fund (CBOE:FETH), initially filing its request in August 2024. This is the second time the SEC has delayed its decision, having extended its deadline for the first time in October.

    On February 7, the agency also delayed its decision to allow options tied to BlackRock’s iShares Ethereum ETF (NASDSAQ:ETHA) to be listed on the Nasdaq ISE, giving itself until April 9.

    BlackRock includes iShares Bitcoin Trust in model offerings

    BlackRock, a leading global investment firm, has incorporated its Bitcoin ETF, the iShares Bitcoin Trust (NASDAQ:IBIT), into its model portfolio offerings. “We believe Bitcoin has long-term investment merit and can potentially provide unique and additive sources of diversification to portfolios,” Michael Gates, lead portfolio manager for BlackRock’s Target Allocation ETF model portfolio suite, wrote on Thursday in a note obtained by Bloomberg.

    The decision signals growing acceptance among financial advisors to consider Bitcoin as a component of diversified investment strategies. However, BlackRock will limit Bitcoin’s representation within these portfolios to a range of 1 to 2 percent, perhaps acknowledging Bitcoin’s characteristic price volatility, which was on full display this week.

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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    Denison Mines Moves Closer to Federal Approval for Phoenix ISR Uranium Project

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    Dual listed uranium miner Denison Mines (TSX:DML,NYSEAMERICAN:DNN) announced that the Canadian Nuclear Safety Commission (CNSC) has scheduled public hearings for the Wheeler River uranium project in Saskatchewan, marking a significant step toward final federal approval.

    Denison Mines is a uranium mining, development and exploration company focused on the Athabasca Basin region of Northern Saskatchewan, Canada. The company holds an effective 95 percent interest in its flagship Wheeler River uranium project, the largest undeveloped uranium project in the Eastern Athabasca Basin.

    The public hearing, set for later this year on October 8 and December 8 through 12, will be the final stage in the environmental assessment process and the decision regarding the company’s application for a Licence to Prepare and Construct a Uranium Mine and Mill.

    If the CNSC grants approval shortly after the hearings, Denison expects to begin site preparation and construction for the Phoenix in-situ recovery (ISR) uranium project located within its Wheeler River land package in early 2026.

    The project has already cleared several major regulatory hurdles, including the completion of the technical review phase of the federal environmental assessment process in November 2024.

    Additionally, the CNSC determined that the company’s license application met sufficiency requirements that same month and accepted Denison’s final Environmental Impact Statement (EIS) in December.

    “With the potential to commence construction in early 2026, we expect to be able to maintain our target of achieving first production from Phoenix by the first half of 2028,” said David Cates, president and CEO of Denison, in a February 27 statement.

    In mid-2023, Denison completed a feasibility study for the Phoenix deposit as an ISR mining operation and updated a 2018 pre-feasibility study for the Gryphon deposit, which is being planned as a conventional underground mining operation.

    According to these studies, both deposits have the potential to be among the lowest-cost uranium mining operations globally. Permitting for the Phoenix ISR operation began in 2019, with major milestones achieved in 2024, including the submission and acceptance of final federal licensing documents and the Environmental Impact Statement by both the CNSC and the Province of Saskatchewan.

    Beyond Wheeler River, Denison holds interests in a variety of uranium operations and projects in the Athabasca Basin, including a 22.5 percent interest in the McClean Lake Joint Venture with partner Orano Canada. The pair plans to restart mining at the McClean Lake North deposit this year using the venture’s proprietary SABRE mining method. The partnership also owns the McLean Lake mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement.

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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    Nuvau Minerals Inc. Changes Financial Year-End

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    Nuvau Minerals Inc. (TSXV: NMC) (‘ Nuvau ‘ or the ‘ Company ‘) is pleased to announce that it has changed its financial year-end from September 30 to December 31 . The change in financial year-end has been made to align the financial year-end of the Company with that of its operating subsidiary following completion of the reverse takeover transaction with Nuvau Minerals Corp. on December 12, 2024 . With this change, the Company’s current financial year will end December 31, 2025 .

    Nuvau Minerals Inc. Changes Financial Year-End (CNW Group/Nuvau Minerals Inc.)

    Further details regarding the change in year-end, including the Company’s interim reporting periods, will be available in the Company’s notice of change in year-end (the ‘ Notice of Change ‘) required under Section 4.8 of National Instrument 51-102 – Continuous Disclosure Obligations , which will be filed under the Company’s SEDAR+ profile at www.sedarplus.ca .

    About Nuvau Minerals Inc.

    Nuvau is a Canadian mining company focused on the Abitibi Region of mine-friendly Québec. Nuvau’s principal asset is the Matagami Property that is host to significant existing processing infrastructure and multiple mineral deposits and is being acquired from Glencore.

    For more information go to our website www.nuvauminerals.com .

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

    Disclaimer & Forward-Looking Statements

    This news release contains forward-looking statements and forward-looking information (collectively, ‘ forward-looking statements ‘) within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as ‘may’, ‘should’, ‘anticipate’, ‘will’, ‘estimates’, ‘believes’, ‘intends’ ‘expects’ and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the Notice of Change. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

    The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, neither the Company nor Nuvau undertakes any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

    SOURCE Nuvau Minerals Inc.

    Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/28/c8133.html

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    Element79 Gold Announces Draw Down on Equity Facility with Crescita

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    (TheNewswire)

    Element79 Gold Corp.

    Vancouver TheNewswire February 28, 2025 Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (‘Element79 Gold’, the ‘Company’) a mining company focused on gold and silver, announces that it has recently leveraged its Crescita Equity Investment Facility (‘Crescita Capital’), details of the Facility Agreement can be found in out original announcement on February 12, 2022. The Company has recently drawn CA$185,000 from this new facility.

    The Company has further issued an aggregate total of 10,062,500 shares to Crescita pursuant to the terms of the Facility Agreement (the ‘Agreement’) , as well as  a total of 13,002,465 Share purchase Warrants (the ‘Warrants’)  to Crescita per the terms of the Agreement, the Warrants are exercisable for a period of five years at an Price of $0.05 per share.

    Proceeds from the above-mentioned draw from Crescita Capital will be used for operations including legal fees. accounting audits, annual project claim lease fees and the advancement of the social contract development in Peru to allow the Lucero work plan to unfold.

    About Crescita Capital

    Crescita Capital is an investment and consultancy group that provides alternative financing and corporate development services for seed to growth-stage companies in emerging markets around the world. www.Crescita.capital Between 2021 and 2023, the Company worked with Crescita, drawing  $7,104,500 to support its operations and develop its portfolio of mining assets.

    For corporate matters, please contact:

    James C. Tworek, Chief Executive Officer

    Email: jt@element79.gold

    For investor relations inquiries, please contact:

    Investor Relations Department
    Phone: +1 (403)850.8050
    Email: investors@element79.gold

    Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Certain statements in this News Release, which are not historical in nature, constitute ‘forward looking statements’ within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should conduct a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.

    Copyright (c) 2025 TheNewswire – All rights reserved.

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    Group Eleven Closes $2.5m Private Placement

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    Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) (‘Group Eleven’ or the ‘Company’) is pleased to announce it has closed its previously announced non-brokered private placement for gross proceeds of $2,500,000 (the ‘Offering’) through the issuance of 13,157,894 units (each, a ‘Unit’) sold at a price of $0.19 per Unit.

    Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a ‘Warrant‘). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.28 per common share for a period of two years from the date of issuance.

    The Company intends to use the proceeds for exploration activities in Ireland, including at the Company’s 100%-owned Ballywire zinc-lead-silver discovery at the PG West Project and for general working capital purposes.

    The Offering remains subject to final acceptance from the TSX Venture Exchange. All securities issued with respect to the Offering are subject to a hold period expiring on June 29, 2025, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

    In connection with the Offering, the Company paid commissions of $35,619.36 and issued 187,469 finders warrants (the ‘Finder Warrants‘) to certain finders. Each Finder Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.28 per common share for a period of 24 months from closing.

    None of the securities sold under the Offering have been and will not be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Michael Gentile, a director of the Company, acquired 1,052,631 Units at a price of $0.19 per Unit for total consideration of $200,000. Prior to closing of the Offering, Mr. Gentile held 35,049,502 common shares, 150,000 stock options and 1,841,444 common share purchase warrants, each stock option and warrant entitling Mr. Gentile to purchase one additional common share upon payment of additional consideration to the Company. These common shares, stock options and warrants represented approximately 16.46% of the Company’s then-issued and outstanding common shares on an undiluted basis and approximately 17.23% of the Company’s then-issued and outstanding common shares on a partially diluted basis, assuming conversion of Mr. Gentile’s warrants into common shares. Following the completion of the Offering, Mr. Gentile beneficially owns and controls an aggregate of 36,102,133 common shares, 150,000 stock options and 2,367,759 common share purchase warrants, representing approximately 15.97% of the Company’s issued and outstanding common shares on an undiluted basis and approximately 16.89% of the Company’s issued and outstanding common shares on a partially diluted basis, assuming conversion of Mr. Gentile’s stock options and warrants into common shares.

    The Units were acquired by Mr. Gentile for investment purposes. Mr. Gentile may acquire additional securities of the Company, including on the open market or through private acquisitions, or sell securities of the Company, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

    The participation by Mr. Gentile is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101‘). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to Mr. Gentile nor the consideration for such securities will exceed 25% of the Company’s market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Offering as the details and amounts of Mr. Gentile’s participation were not finalized until closer to closing and the Company wished to close the transaction as soon as practicable for sound business reasons.

    A copy of Mr. Gentile’s early warning report will appear on the Company’s profile on SEDAR+. Both the Company and Mr. Gentile can be contacted at the Company’s head office at Suite 1050, 400 Burrard St, Vancouver, British Columbia, V6C 3A6.

    About Group Eleven Resources

    Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. The Company’s two largest shareholders are Glencore Canada Corp. (16.1% interest) and Michael Gentile (15.97%). Additional information about the Company is available at www.groupelevenresources.com.

    ON BEHALF OF THE BOARD OF DIRECTORS
    Bart Jaworski, P.Geo.
    Chief Executive Officer

    E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
    E: j.webb@groupelevenresources.com | T: 604-644-9514

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Cautionary Note Regarding Forward-Looking Information

    This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. This information and these statements, referred to herein as ‘forward‐looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the intended use of proceeds raised under the Offering.

    These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the risk that the Company will not use the proceeds of the Offering as anticipated and the risk that the Company will not receive the regulatory approvals with respect to the Offering.

    In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Offering as currently anticipated and that the Company will obtain regulatory approval with respect to the Offering. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.

    NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242960

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    Top 5 Canadian Mining Stocks This Week: GPM Metals Leads With 37 Percent Gain

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    Statistics Canada released its preliminary estimates for the 2024 annual mineral production survey on Wednesday (February 26).

    The report showed that the United States was the top trading partner for metal ores and non-metallic minerals over the last year. Canada’s resource sector shipped C$6.4 billion worth of commodities to the US in 2024. Meanwhile, imports into Canada totaled C$4.3 billion.

    The top three export destinations for the Canadian mining sector were the US, which represented 23.9 percent of exports in 2024, followed closely by China with 20.3 percent and Japan with 8.9 percent.

    At a value of C$4.2 billion, potash was the top mineral Canada exported to the US, representing 65.2 percent of metal and mineral exports. Diamonds and other non-metallic minerals were Canada’s next highest export to the US in this category, accounting for 13.1 percent of exports and having a trade value of C$844 million.

    Overall, Canada shipped a total of C$54 billion worth of metals, non-metals and aggregates in 2024. The most valuable subcategory was gold, with Canada shipping 198,899 kilograms during 2024 worth an estimated C$16.89 billion. The second most valuable was potash, which saw 25.47 million metric tons shipped, adding C$8.68 billion to the Canadian economy.

    Canada’s largest trading partner for minerals, the US, is causing considerable uncertainty in 2025 as the Trump administration continues to threaten sweeping 25 percent tariffs on all exports from Canada excluding energy, which would receive 10 percent tariffs.

    The tariffs were originally set to go into effect in early February before being pushed back to the beginning of March, although US President Donald Trump did enact 25 percent tariffs on steel and aluminum imports in mid-February.

    This past Wednesday, Trump indicated that the date for the sweeping tariffs had been pushed back to April 2, but walked it back in social media posts on Thursday, saying the tariffs would still go forward on March 4.

    Since he assumed office on January 20, Trump’s foreign and domestic policies have sparked fears of a global trade war. Markets have struggled in recent weeks while the price of gold has soared to record highs as investors seek haven assets.

    His economic moves towards Canada alongside comments calling Canada the 51st state and questioning its legitimacy as a nation have caused significant concern among Canadians, many of whom have begun boycotting US travel and products in favor of supporting Canadian companies.

    Markets and commodities react

    US equity markets were broadly down this week through the close of trading on Thursday (February 27), with CNN reporting markets are currently being driven by “Extreme Fear.” The S&P 500 (INDEXSP:INX) lost 4.13 percent over the four day period to end at 5,861.56, and the Nasdaq-100 (INDEXNASDAQ:NDX) fell 7.05 percent to 20,550.95 by Thursday. The Dow Jones Industrial Average (INDEXDJX:.DJI) saw the smallest drop, losing just 1.33 percent to 43.239.51.

    In Canada, markets were also in decline. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 4.79 percent to close at 615.84 on Thursday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) posted a 1.61 percent loss to 25,128.24 and the CSE Composite Index (CSE:CSECOMP) dropped 3.73 percent to 127.53.

    After hitting new all-time highs last week, the gold price slipped over the past four trading days losing 2.08 percent to US$2,876.00 per ounce at 5:00 p.m. EST Thursday. The silver price saw steeper declines, losing 5.04 percent during the period to US$31.25.

    In base metals, the copper price spiked to almost US$4.75 late Tuesday as Trump floated copper tariffs, but ended Thursday down on the week overall, closing the day at US$4.59 per pound on the COMEX. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) shed 3.16 percent to close at 560.29.

    Top Canadian mining stocks this week

    So how did mining stocks perform against this backdrop?

    We break down this week’s five best-performing Canadian mining stocks below.

    Data for this article was retrieved at 3:00 p.m. EST on Thursday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

    1. GPM Metals (TSXV:GPM)

    Weekly gain: 36.84 percent
    Market cap: C$14.43 million
    Share price: C$0.13

    GPM Metals is a mineral exploration company working to advance its Walker Gossan zinc-lead project in the Northern Territory of Australia.

    In June 2024, GPM announced that it concluded a sale and purchase agreement with a Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) subsidiary to wholly acquire the Walker Gossan project in Australia as well as two nearby exploration license applications. The terms of the deal replaced a previous farm-in agreement.

    Rio Tinto’s subsidiary has the option to earn up to 49 percent interest back in the future on certain milestones. Additionally, it retains the right to be paid a further contingent amount equivalent to the future value of 1,000 metric tons of zinc and lead if GPM discovers a mineral resource greater than 20 million metric tons with combined zinc and lead grades above 8 percent.

    In July 2024, GPM announced that it had finalized plans for an exploration program to be conducted in 2024 and 2025 that will follow up on previous work at the property, which identified a 2 kilometer by 1 kilometer gravity anomaly. Due to unexpected damage to the access route from storms, the program was delayed until the end of the wet season, April 2025, and will be overseen by new CEO John Timmons.

    Shares in GPM Metals were up this week, although the company has not released any news in 2025.

    2. DLP Resources (TSXV:DLP)

    Company Profile

    Weekly gain: 33.33 percent
    Market cap: C$34.99 million
    Share price: C$0.30

    DLP Resources is a mineral exploration company focused on advancing its flagship Aurora copper-molybdenum project in Peru.

    The 8,500 hectare site is located in the Central Andes. Exploration work has been performed at the site since the early 2000s, with DLP conducting drill programs in 2023 and 2024.

    Shares in DLP saw gains this week following the release of a technical report for Aurora on Thursday that included a maiden mineral resource estimate with significant copper and molybdenum spread over two zones.

    The inferred resource totals 1.05 billion metric tons of ore containing 4.65 billion pounds of copper, 1.1 billion pounds of molybdenum and 80 million ounces of silver. The resource has average grades of 0.2 percent copper, 0.05 percent molybdenum and 2.4 grams per metric ton silver.

    The company said it is pleased with the size and results of the report and will continue drilling the site to upgrade the resource ahead of a preliminary economic assessment.

    3. TriStar Gold (TSXV:TSG)

    Company Profile

    Weekly gain: 29.63 percent
    Market cap: C$51.79 million
    Share price: C$0.175

    Tristar Gold is a gold exploration and development company focused on advancing its Castelo de Sonhos project in Pará State, Brazil.

    According to a 2021 pre-feasibility study, the property consists of six concessions and has hosted historic small-scale artisanal mining over the past several decades. Between 2010 and 2021, Tristar drilled more than 67,000 meters in 611 holes.

    The economics included in the study demonstrate that, at an annual 5 percent discount rate, the project has an after-tax net present value of US$321 million and internal rate of return of 28 percent with a payback period of 2.8 years. The base case was calculated using a gold price of US$1,550 per ounce.

    The project was issued a preliminary license in August 2024 from the Para Secretariat for the Environment and Sustainability (SEMAS), a crucial environmental hurdle and the first of a three-stage process to allow project development.

    The project experienced some delays in October as federal prosecutors recommended that the license be suspended pending the completion of additional archaeological studies and Indigenous Component Studies. In a follow-up announcement in December, Tristar indicated that the permit for the site would remain valid, with SEMAS providing a strong technical defense of the permitting process.

    The company has not released further information on the proceedings and has spent early 2025 raising funds. The most recent news came on February 21, when it announced it had closed the final tranche of a non-brokered private placement for gross proceeds of C$1.08 million.

    4. Star Diamond (TSX:DIAM)

    Company Profile

    Weekly gain: 28.57 percent
    Market cap: C$27.79 million
    Share price: C$0.045

    Star Diamond is an exploration and development company working to advance its flagship Fort à la Corne diamond district in Saskatchewan, Canada.

    The property is located 60 kilometers east of Prince Albert, Saskatchewan. Previously a joint venture with Rio Tinto, Star Diamond acquired Rio Tinto’s stake in the project in March 2024 in exchange for 119.32 million shares in Star Diamond, resulting in Rio Tinto holding a 19.9 percent ownership position in the diamond junior.

    Fort à la Corne has seen extensive exploration of kimberlite deposits, including geophysical surveys, large-diameter drilling and micro- and macro-diamond analyses.

    The Star-Orion South diamond project, the most advanced project area in Star Diamonds’ portfolio, is located within the district.

    In 2018, the company released a PEA for Star-Orion South, which reported a resource of 27.15 million carats of diamonds from 200.16 million metric tons with an average grade of 14 carats per 100 metric tons. The inferred resource is 5.18 million carats from 72.08 million metric tons, with an average grade of 7 carats per 100 metric tons.

    At the time, the company estimated a post-tax NPV of C$2 billion, an IRR of 19 percent and a payback period of 3 years and 5 months.

    On January 9, Star Diamond announced that a 70.7 million share block held by a former project partner had been sold, with 61.12 million shares purchased by an international investor interested in diamonds.

    The company’s most recent news came on February 27, when it announced that it had closed the second tranche of its private placement for gross proceeds of C$230,000, adding to the C$335,000 from the first tranche it closed on February 18. The funds will be used as working capital. According to the announcement, Star Diamond is discussing funding for a pre-feasibility study with potential investors.

    5. Canuc Resources (TSXV:CDA)

    Company Profile

    Weekly gain: 21.43 percent
    Market cap: C$13.60 million
    Share price: C$0.085

    Canuc Resources is an exploration and development company focused on its flagship San Javier silver and gold project in Sonora, Mexico.

    As part of its strategy, Canuc also owns the MidTex natural gas project, which consists of eight producing natural gas wells it uses to provide steady, long-term cash flow.

    Its San Javier project consists of 28 contiguous claims covering 1,052.9 hectares, with the most recent set of claims acquired in July 2024. The company has completed limited exploration work at the site, the most recent being a mapping and sampling program in January 2024.

    The most recent news from Canuc came on February 13 when it announced it had entered into a definitive arrangement agreement to acquire Macdonald Mines Exploration (TSXV:BMK,OTC Pink:MCDMF). Multiple conditions must be met before it is finalized, including several approvals and Canuc completing a C$500,000 private placement.

    If completed, the deal will see Canuc acquire Macdonald and its flagship SPJ project located 40 kilometers northeast of the Sudbury mining camp in Ontario, Canada. The site covers 19,710 hectares and hosts mineralization of copper, gold, cobalt, nickel and rare earth elements.

    FAQs for Canadian mining stocks

    What is the difference between the TSX and TSXV?

    The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

    How many companies are listed on the TSXV?

    As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.

    Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

    How much does it cost to list on the TSXV?

    There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

    The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

    These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

    How do you trade on the TSXV?

    Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

    Article by Dean Belder; FAQs by Lauren Kelly.

    Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

    Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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    Types of Copper Deposits in the World

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    Copper mineralization occurs in many forms and in a variety of geological settings. As such, there are various factors to consider when determining the value of different types of copper deposits.

    Historically, the world’s most profitable copper mines have been large-scale porphyry deposits with chalcopyrite mineralization extracted via open-pit mining. While they do not have the highest grades of ore and generally have more expensive refining costs, they tend to have large mineral resources.

    The world’s biggest copper mine is the Escondida copper porphyry mine in Chile, which is owned by BHP (NYSE:BHP,ASX:BHP,LSE:BHP), Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) and Japanese firm Jeco at 57.5 percent, 30 percent and 22.5 percent respectively. Escondida means “hidden” in Spanish, and the deposit was given the name because it has no outcrops; the main orebody is hidden below hundreds of meters of overburden.

    Copper production figures can change rapidly, but in the first half of BHP’s 2025 financial year, the company’s portion of Escondida’s copper production reached 644,000 metric tons, up 22 percent over the same period in the previous year.

    This represents a 10 year production record for the mine. Escondida has processed more than 2 billion metric tons of ore through leaching and flotation since opening more than a quarter century ago. Today it accounts for almost 5 percent of worldwide copper output.

    How to determine the value of a copper deposit?

    As mentioned, there are many factors to look at when determining the value of a copper deposit.

    Among other elements, companies must consider grade, refining costs, the estimated copper resource and the ease at which the copper can be mined. Read on for a brief overview of five things that are important to think about when finding the value of a copper deposit.

    1. What are the types of copper deposits?

    Porphyry copper deposits are low grade, but are important sources of copper because they can be worked at a large scale for low costs. They typically contain between 0.4 and 1 percent copper in concert with smaller amounts of other metals, such as molybdenum, silver and gold. Porphyry copper mineral deposits are usually massive, with extraction taking place by open-pit mining.

    Copper-bearing sedimentary rocks are the second most important type of copper deposit, accounting for approximately one-quarter of the world’s identified copper deposits.

    Other types of copper deposits found throughout the world include:

    • Volcanogenic massive sulfide (VMS) deposits, a source of copper sulfide formed through hydrothermal events in submarine environments.
    • Iron oxide-copper-gold (IOCG) deposits are highly valuable concentrations of copper, gold and uranium ores.
    • Copper skarn deposits, which in a broad sense are formed through chemical and physical mineral alterations created when two separate lithologies make contact.

    2. What is the average copper deposit grade?

    Grade is a significant factor in how much a deposit is worth, and is effectively is a measure of the concentration of metal. Most copper ores contain only a small percentage of copper metal bound up within valuable ore minerals. The remainder of the ore is simply unwanted rock.

    Exploration companies conduct drill programs to extract samples of rock called cores. The cores are then subjected to chemical assays to determine the “grade” of a deposit.

    Copper deposit grades are usually expressed as a weight percentage of the total rock. For example, 1,000 kilograms of copper ore containing 300 kilograms of copper metal has a grade of 30 percent. When metal is at a much lower concentration, it may be described in terms of parts per million. However, grade is the common convention with copper, and exploration companies estimate grade through drilling and assaying.

    The average grade of copper ores in the 21st century is below 0.6 percent copper, with the proportion of ore minerals being less than 2 percent of the total volume of the ore rock.

    Investors should approach grade estimates with a critical eye. When an exploration company issues grade statements, investors should be sure to compare them to the total depth of the drill core used to determine the grade. A high grade at a low depth can have far less value than a mediocre grade consistent through a deep core.

    3. How much does it cost to mine copper?

    The largest, most profitable copper mines have been open-pit mines, although underground copper mines are not uncommon. Of key importance in an open-pit mine is a resource that is relatively close to the surface.

    Mining companies are particularly interested in the amount of overburden, which is the amount of worthless rock and soil on top of the copper resource. This material must be removed to access the resource. Escondida, mentioned above, has a resource that is covered by a large amount of overburden, but the deposit is still economic due to the large size of the resource beneath.

    4. What are the types of copper ore?

    There are two distinct types of copper deposits: sulfide ore and oxide ore. Currently, the most common source of copper ore is the sulfide ore mineral chalcopyrite, which accounts for about 50 percent of copper production. Sulfide ores are processed via froth floatation to obtain copper concentrate. Copper ores containing chalcopyrite can produce a concentrate with 20 to 30 percent copper in concentrate.

    The more valuable chalcocite concentrates typically grade higher, coming in between 37 and 40 percent copper in concentrate due to the fact that chalcocite contains no iron. Chalcocite has been mined for centuries, and is one of the most profitable copper ores. The reason for that is its high copper content and the ease at which the copper it contains can be separated from sulfur.

    It is not, however, the primary copper ore today. Copper oxide ores are leached with sulfuric acid to liberate the copper minerals into a solution of sulfuric acid laden with copper sulfate solution. The copper sulfate solution (called the pregnant leach solution) is then stripped of copper via a solvent extraction and electrowinning process, which is more economical compared to froth flotation.

    5. What are primary and secondary ores?

    All copper mines have different mineral assemblages. The primary assemblage is the mineralization type that is most prevalent. Most types of copper deposits also have secondary ores, however, and they can add a great deal of value to a deposit. The Escondida mine is primarily a chalcopyrite porphyry deposit overlain by secondary oxides. It is important for companies not to discount secondary mineralization.

    What makes a world-class copper deposit?

    While there are other factors to consider when valuing a copper deposit, the upshot is that a world-class copper deposit holds a copper resource whose value far exceeds the cost of mining and refining. To date, some of the biggest copper finds have been the Kennecott copper mine, a large-scale porphyry deposit, the Chuquicamata copper porphyry complex and, of course, Escondida.

    Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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